WASHINGTON (Reuters) - It would be good for the Federal Reserve to regularly review its inflation framework but any change would require conviction that a new set up would provide benefits over the current 2 percent target, St. Louis Fed President James Bullard said on Monday.

FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York, NY, U.S., February 26, 2015. REUTERS/Lucas Jackson/File Photo

Several Fed policymakers have advocated a review of how the Fed sets its inflation target and “that is a good thing to do and I am hopeful the committee will go ahead and do it,” Bullard said. But to change “you would have to get buy-in from the political side. You would have to get buy-in from the larger financial community.”